U.S. membership-only warehouse chain BJ's Wholesale Club Holdings Inc. on March 7 launched an underwritten public offering of 17,000,000 common shares by selling stockholders.
CVC Beacon LP, Green Equity Investors V LP and Green Equity Investors Side V LP are the selling shareholders listed in a prospectus filed the same day with the SEC. The investors hold a combined 41.4% of BJ's common stock, or 57,004,048 shares. The common shares under the offering represent 12.4% of BJ's common stock as of March 6.
BofA Merrill Lynch is acting as the underwriter for the offering. It will have an option to purchase up to a total of 2,550,000 additional common shares from the selling stockholders at any time within 30 days from March 7.
The company said it will not receive any of the proceeds from the sale of the shares, and that the selling shareholders will bear the costs associated with the transaction.